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Corporations avoid billions in taxes
WASHINGTON D.C. (NEWSCHANNEL 3) - A Senate investigation has found that offshore havens have saved some corporations from paying billions of dollars in taxes.
The panel is looking into tax avoidance in the technology sector and looked specifically at Microsoft and Hewlett Packard as tests cases.
It found from 2009 to 2011 Microsoft shifted $21 billion offshore, almost half its U.S. retail sales revenue, saving the company up to $4.5 billion in taxes.
There were similar numbers for HP.
Executives of both companies said they have complied with American tax laws and worked within the loopholes.